HDFC to open 8 micro-finance branches

This will take the total number of such branches of the bank to 12 from the existing 4 in the country.

Out of this, the bank has decided to open two micro-finance branches in Orissa. "We plan to open two dedicated branches for micro-finance at Jeypore and Berhampur in Orissa during the current fiscal", K Manohara Raj, senior vice-president (micro-finance), HDFC Bank, said.

Talking to media persons here, Raj said, the bank is giving priority to the spread of micro-finance as it can enable the poor people to work their way out. The micro-finance programme of the bank provides access to the financial services such as savings, credit, insurance and remittance to the poor in a sustainable manner.

The bank has adopted a business model focusing on the self-help group linkage and bulk lending to the micro-finance institutions (MFI). It has disbursed about Rs 65 crore in Orissa by March 2008 through both these channels linking about 1 lakh rural families in the state. The bank provided Rs 1343 crore in the country linking 2.06 million families.

He said, the bank intended to reach out to 2 lakh rural families in the state covering all the 30 districts of Orissa. It has its operation in 18 districts at present. Stating that the bank plans to increase financial literacy in the country, Raj said, HDFC Bank will soon introduce the mobile ATM facility in Orissa on a pilot basis in a district.

 It is expected to be cost effective, timely, doorstep and quality delivery. These ATMs will be bio-metric enabled and will be introduced in Coimbatore in the middle of August this year. It has plans for starting 3 to 4 such ATMs in Orissa under the micro-finance branches proposed at Jeypore and Berhampur, he added.

As a measure of technological modernisation, the bank has launched the initiative of anywhere banking terminal (ABT) for the self-help groups (SHGs) to provide hassle free door step banking .

The bank having total business of about Rs 1000 crore in Orissa has chalked out plans to roll out 5 new branches in locations like Damanjodi, Puri, Bhubaneswar, Jeypore and Berhampur. This will take the total branches of the bank in Orissa to 18 from 13 at present.